Today was mired by awful spending and income data as many are actually now not believing that high GDP figure from yesterday. Earnings were virtually the same as earnings tend to beat estimates but because of cost cutting. Here were today's unofficial closing bell levels:
Dow 9,710.54 -252.04 (-2.53%)
S&P 500 1,036.01 -30.10 (-2.82%)
Nasdaq 2,045.11 -52.44 (-2.50%)
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CIT Group Inc. (NYSE: CIT) has entered into an agreement with Carl Icahn to support its restructuring plan and secured an incremental $1 billion committed line of credit. This was to provide supplemental liquidity for CIT as it pursues that plan, although that might not keep it from filing for bankruptcy. CIT shares were down 21% at $0.748 ahead of the closing bell.
Exxon Mobil Corporation (NYSE: XOM) followed commodities and oil lower today. The sector was under pressure on a better US dollar. Exxon shares were down 3% at $71.75 right before the closing bell.
Citigroup Inc. (NYSE: C) was down all day as a research report created rumors of a huge write-down coming this quarter. CNBC said the firm denied it, so that may not be the case. Citi shares were down by 5% at $4.08 ahead of the closing bell.
Novatel Wireless Inc. (NASDAQ: NVTL) beat earnings but guidance was very soft when compared to a rival that reported earnings this week. Shares were down a sharp 26.5% at $8.95 right before the closing bell.
RADVISION Ltd. (NASDAQ: RVSN) may be a beneficiary if Cisco Systems Inc. (NASDAQ: CSCO) really does end up walking away from the $3.1 billion Tandberg buyout in Europe. That was up about 2.5% at $6.16 ahead of the close. This was a exponential volume stock, but the options trading was not evident.
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